"Reaganomics" was a huge success only if you are in the economic elite to begin with:
Reagan sold Americans on his core vision: “Government is not the solution to our problem; government is the problem.” Through his personal magnetism, Reagan then turned taxes into a third rail of American politics. He convinced many voters that the government’s only important roles were funding the military and cutting taxes.
Yet, instead of guiding the country into a bright new day of economic vitality, Reagan’s approach accelerated a de-industrialization of the United States and a slump in the growth of American jobs, down to 20 percent during the 1980s. The percentage job increase for the 1990s stayed at 20 percent, although job growth did pick up later in the decade under President Clinton, who raised taxes and moderated some of Reagan’s approaches while still pushing “free trade” agreements and deregulation.
Yet, hard-line Reaganomics returned with a vengeance under George W. Bush – more tax cuts, more faith in “free trade,” more deregulation – and the Great American Job Engine finally started grinding to a halt. Zero percent increase. The Great American Middle Class was on life-support.
It continues under Obama, who idolized Reagan.
Obituary: Former House speaker Tom Foley, 84, has died. He took over the job after Newt and his gang forced Jim Wright out, and was defeated for re-election in the 1994 elections, which the GOP seized the majority of seats. This coup was also orchestrated by Newt Gingrich and other ruthless Republicans before the House turned stark raving batshit.
Foley died after a series of strokes. He had been in poor health for the past several years.
In 1994, that federal spending worked against him as Republican challenger George Nethercutt ran against what he called bloated government and entrenched incumbents. Foley had challenged a state initiative that limited House terms to six years; months after the election, the U.S. Supreme Court agreed with him that term limits were unconstitutional. And he’d angered the National Rifle Association – a decades-long supporter – by allowing the House to vote on and pass a ban on some military-style semi-automatic rifles. For the first time since the start of the Civil War, a sitting House speaker lost a bid for re-election._____
Another obit: Recording legend Roland James, 80, after suffering from the afteraffects of a heart attack and stroke.
Yet another obituary: Congressman Bill Young, a Republican, has died from complications of an old back injury. He was 82.
His chief of staff, Harry Glenn, said in an email that Young died at 6:50 p.m. at Walter Reed Medical Center in Bethesda, Md., where he had been for nearly two weeks with back problems that stemmed from a 1970 small plane crash._____
Glenn's email included a statement from Young's family, saying the family was with Young when he died. It continued, "The cause of death was complications related to a chronic injury. Information on services will be forthcoming."
On Oct. 9, from his hospital bed, Young announced that he would not seek another term in 2014.
Rape victim Daisy Coleman writes about her ordeal.